– MON’s traditional EPS is materially distorted by the age of their assets, and the resultant depreciation charges

– After making the appropriate UAFRS adjustments, EPS’ was significantly lower than as-reported EPS last year

– Adjusted EPS growth has also been poorer than as-reported EPS growth, and is projected to continue to be weaker going forward, limiting adjusted EPS upside

– Materially weaker EPS’ at muted growth rates indicates the firm is very expensively valued currently, and Bayer may have overpaid for the acquisition


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